How to Refinance a Manufactured Home
It is possible to refinance a manufactured or mobile home in order to consolidate your current debt, if you aren’t happy with the with the current lender, you are trying to get a lower rate, or you need extra money to pay for something else. The process of refinancing a manufactured home involves paying off the current loan and getting one that offers you better terms with a lower interest rate so that your monthly payment will be less as well. If you decide to get a loan with the same monthly payment but lower interest then you can pay the loan off in less time.
It is possible to refinance a mobile home that is in a trailer park or located on private land. The laws concerning this vary by state so make sure you find out the information in your area and then talk with a lender to help you make a good choice. There will be closing costs associated with the refinance just as there were when you first purchased it. You can pay them upfront or include them in your loan. Most lenders will allow you to refinance a manufactured home with the option of purchasing points to get a lower interest rate. These are upfront fees that have to be paid to the lender. One point is equal to 1% of the loan amount. If you are considering a loan in the amount of $50,000 and decide to buy a point it will be worth $500. Make sure you plan to own the property long enough to cover the cost of buying the points.